CoinFlex receives 1.25 million USD in investments for upcoming CoinFlex Notes.finance DEX
Electric Capital, Nascent Ventures, Bering Waters and several other private investors have invested $1.25m in FLEX coin in anticipation of the launch of CoinFLEX’s Notes.finance DEX. This news comes after CoinFLEX’s repo market (the only tradable borrow/lend market) hit $2 billion in volume and paid out $200K in interest to flexUSD holders.
This private round comes after CoinFLEX raised 11M from Polychain Capital, Dragonfly, Divergence Digital Currency (DDC), Digital Currency Group, Mike Komaransky and Roger Ver.
CoinFLEX believes that stablecoin holders deserve to earn interest on-chain while holding the stablecoins in their wallet. To that end, CoinFLEX has created flexUSD and noteUSD, stablecoins that lend to CoinFLEX’s repo markets and Note Token markets, respectively. flexUSD has grown to $30M in supply and provides liquidity in CoinFLEX’s repo market, the only centrally tradable repo market in finance.
noteUSD acts as an aggregator of Note Tokens and flexUSD, earning yield from new trading firms seeking to borrow on CoinFLEX via Note Tokens. Efficient Frontier, Grapefruit Trading and Mountainville have already borrowed millions of dollars via Note Tokens.
Notes.Finance is a place to trade Note Tokens, flexUSD and noteUSD on a Decentralised Exchange powered by Curve.fi, the largest stablecoin DEX. Notes.Finance also introduces staking, where liquidity providers can earn FLEX rewards for facilitating liquidity in the DEX.
Curtis Spencer, a partner at Electric Capital, said “CoinFLEX has created a stablecoin platform that can create underlying interest for everyone while they are trading and investing in crypto. We think Notes.Finance will be an important piece in the DeFi landscape.”
flexUSD growth makes CoinFLEX the derivatives exchange with the cheapest funding rates and noteUSD makes CoinFLEX an essential venue for every market maker, prop trader and institutional trading firm in crypto. FLEX Coin is CoinFLEX’s exchange token, in which all fees are paid and 20% of profits are bought and burned. Notes.finance will also host a Uniswap pool for FLEX/USDC. The growth of Notes.Finance will power FLEX Coin as the token underpinning all CoinFLEX activities.